SSE follows E.On with gas price cut

The UK's second biggest energy supplier

SSE is to cut its standard gas tariff for domestic customers by 5.3%.

 

SSE is the second of the big six suppliers

to announce price cuts this winter. Both companies are only cutting gas, not electricity prices.

Last week E.On said it would cut gas prices by 5.1%.

Inflation increases to 9.2%, Fuel Crisis takes toll on Food Prices......

Nigeria’s inflation advanced 0.2 percentage points to 9.2 percent in June, the highest level in over 24 months, as irregularity in fuel supply across the country continued to weigh on local consumer prices, according to the National Bureau of Statistics (NBS).

The NBS in a new report said fuel sold at N112.13 per litre on the average across the country in June, much higher than the N87 official price.

The Nigerian government last year cut fuel pump price to N87 per litre to reflect reduced landing costs of petroleum products, but figures from the NBS show that none of the 36 states, including the Federal Capital Territory sells the product at that rate.

 

In June, average pump price of fuel was costliest in Bayelsa at N155 per litre, followed by Niger at N138.33 and then Kogi at N128.33. The product sold the cheapest in Zamfara at N93, followed by Edo at N94.45. In Lagos, the nation’s commercial centre, fuel sold N102.63 per litre last month.

PSC contract deadlock stalls gas supply to power plants

The nation’s dream of achieving uninterrupted power supply may not materialise, following the alleged dispute between the Federal Government (FG) and international oil companies (IOCs), over the ownership of gas in the deep offshore fields being operated under the Production Sharing Contract (PSC), BusinessDay findings have shown.

A clause which is said to have vested exclusive ownership of the gas on the Federal Government, has prevented the international oil companies (IOCs) from developing the gas fields that would have been used to boost the supply of electricity.

A source close to the Department of Petroleum Resources (DPR), the nation’s regulatory agency for the oil and gas industry, who pleaded anonymity said, “some of the IOCs may have decided not to show interest in the development of the deep offshore gas, because of the clause in the PSC which governs the operations of deepwater operations, and which vested the ownership of the gas in the fields in the hands of government, while the oil is the commercial product on which economies should be based.”